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When does closing date supersede closing date in nwmls?


Asked by Cynthia Morgan on Dec 02, 2021 FAQ



The Back-Up Addendum (Form 38A) has been updated to clarify that the closing date in the form supersedes the closing date on the first page of the purchase and sale agreement. In the listing agreement, the seller authorizes the listing firm to appoint a listing broker to act as the seller’s agent.
Accordingly,
Form 22B requires the buyer to obtain the seller's consent before the buyer accepts an offer to sell the buyer's property that: (a) is contingent on the sale or closing of a second buyer's property; or (b) has a closing date less than 30 or more than 45 days from mutual acceptance. In the revised form, the 45 day timeframe is extended to 60 days.
Besides, The revised Modification to Closing Date Addendum (Form 22Y) allows the parties to change the closing date in the agreement to a different date. The prior form only permitted an extension of the closing date. The form also allows the parties to change other dates in the agreement and include any additional terms.
Thereof,
This Amendment is void and of no effect if it is not signed by the Buyer and returned to the Seller or the Seller’s Agent within twenty-four (24) hours from the time it … Website: https://eforms.com/images/2018/09/Closing-Date-Extension-Addendum.pdf
And,
4 hours ago Closing Extension. Closing extension may be necessary when conditions arise in life causing delay. A closing date may need to be changed due to another residence not being ready, delay is loan procedures, and many other contingencies that may cause an extension of closing date.